The amendments to the Law on Accounting and Financial Reporting contemplating the transition of Ukrainian companies to International Financial Reporting Standards was enacted in May 2011. The amendments will take effect from 1 January 2012. The transition to IFRS will commence from this same date.The transition to IFRS will be mandatory only for certain categories of business entities: public joint-stock companies, banks, insurers and companies involved in the list of activities defined by the Cabinet of Ministers. By the way, the Cabinet of Ministers has not approved the respective list of activities yet.
Other companies have a choice. They may either submit reports based on national standards, or "master" IFRS. If they decide to apply IFRS, the local state statistics authorities must be notified.
No comments:
Post a Comment